Most people did not even hear about cryptocurrency litigation, which is a frontier that rapidly develops right now. In fact, there are lawsuits filed every single week against individuals and coin exchanges coming from the federal government and private citizens.
The thing we have to highlight is that there are countless cases coming from people who have problems with cryptocurrency exchanges. As a result, many specialized attorneys actually limit what cases they take in. Usually, they only handle those that have a potential gain of at least $200,000. This is not as when working with construction accident attorneys, where the use of contingency fees means clients only pay when claims are successful. With cryptocurrency litigation, the client does pay the attorney. This means it is really important to choose the best possible attorney.
We can say that cryptocurrency litigation is a type of litigation that covers several forms, with the fact that cryptocurrency is involved as being the constant factor. The lawsuit can be filed due to many different reasons connected to the new digital coins. This does include things like misinformation lawsuits, problems related to advertising, and even the fact that some of the cryptocurrency deals present on the internet right now are just Ponzi schemes. Attorneys were even contacted to file lawsuits claiming exchanges froze user accounts or exit scams.
The attorney can start the litigation process as a single suit or as a class action lawsuit. It is possible to sue the entire exchange as a class so that everyone affected can be assisted. However, in most situations, cryptocurrency litigation targets businesses, even if some of the suits are targeting the actual coins.
As new products are being developed with the use of blockchain technology, it is common to see regulation and litigation surrounding it. We have access to crypto coins for around 10 years now so we can say that this part of the legal field is fairly developed. This is not a surprise as we see a big crypto boom going on right now. People did end up investing without actually understanding what the investment brings in as potential drawbacks.
Finding attorneys to help you with cryptocurrency litigation can be a little difficult when it comes to some parts of the US. There are still not many available law firms that did specialize in crypto-related problems. If you were wrong by the actions of a crypto exchange or an individual who took advantage of your lack of knowledge about the market, it is really important to look for an attorney who has a lot of experience in dealing with such cases. This is because crypto coins are rather new in the market and there are not many well-established laws that exist.
A big part of crypto litigation is convincing a jury of what happened and the questionable legality of what happened. This is not at all easy to do without much experience coming from the attorney. Do not even consider attorneys who never handled crypto-related cases in the past since they are not going to be able to properly help you.